Forex Analysis for Tuesday 18th October 2016
On Monday NZ CPI q/q was above expectations (0.2% vs 0.0%).
Early this morning (Tuesday) saw RBA minutes from October 4th meeting stating the voting members judged holding rates at the meeting was consistent with inflation and growth targets. It was also noted that Q3 CPI figures would be available at the next meeting (1st November). RBA’s Governor Lowe commented that Australian interest rates are very low (1.50%) and he stated that there is a focus on employment and the stability of the financial system.
Kuwait’s acting oil minister said he expects producers to reach an agreement on a production cap at the forthcoming November meeting of OPEC.
There is no drama on the equity markets. Oil continues to consolidate just above USD50/barrel. The USD softens and the NZD is supported well by the good CPI number. AUD hits a 17-month high.
Today sees UK CPI y/y; US CPI m/m and NZ Global Dairy.
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